It goes without saying that selecting the best trading platforms in the UK to trade with is just as vital as choosing the right broker. Having a broker with a trading platform that doesn’t meet all your needs is certainly not optimal. The vast majority of brokers today offer platforms powered by MetaTrader and is world famous for their award winning MT4 platform. MT4 is considered by most professional traders to be the best trading platform ever. So, before you start investing, be sure to take a quick tour of the broker’s trading platforms.
No matter your style or strategy of currency trading, you will almost always have to pay some amount of money in transaction costs. This is because each time you enter a forex trade, you have to pay for either the spread or pay a commission. For this reason, it should be a no-brainer that you should seek out the broker with the most affordable rates.
However, there may be times when you will have to sacrifice low fees for a slightly costlier but more reliable and reputable broker. Ensure that you know whether your trading strategy will require tight spreads and use the information to review the options available to you. It is all about striking the right balance between security and reliability, as well as costs of trading.
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It is obligatory for your broker to fill your orders at the best available price, always. During normal forex market conditions (that is, liquidity is normal, no surprise events and no major news releases), there should be no excuse for your broker not to fill your order at – or extremely close to – the market price indicated when you hit “buy” or “sell.”
For instance, if we assume that your Internet connection is fast and stable, if you hit the “Buy” button for the EUR/USD pair at 1.3000, then your broker should fill you at exactly that price or at a price within micro-pips of 1.3000. The speed of execution of your orders is vital, particularly if you are using a scalping strategy.
Getting your order filled at a different price from that indicated can make it more difficult to win on a trade. Many top UK forex brokers offer powerful trading platforms that execute trades at lightning speed.
Trading Conditions and Spreads
Once you have narrowed your search down to just a few brokers who provide the assets you would like to trade, you need to look at the spreads and trading conditions to be sure that they tie into your strategy and goals. When it comes to forex trading conditions, some of the most important aspects you need to look at include overnight swap charges, as well as the broker’s commissions and spreads.
Although many forex traders tend to overlook these factors, they play a big role if you are going to be a serious trader. It will not help your overall performance if your success in analysis and trading is wiped out by expensive overnight swaps.
There are many websites available which let you compare trading conditions and spreads offered by different brokers. However, it also helps if you can examine different forex brokers individually in order to make your own personal assessment.
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